Black Corporation had a 1\1\10 balance in the Allowance for Doubtful Accounts of $12,000.During 2010, it wrote off $8,640 of accounts and collected $2,520 on accounts previously written off.The balance in Accounts Receivable was $240,000 at 1\1 and $288,000 at 12\31.At 12\31\10, Black estimates that 5% of accounts receivable will prove to be uncollectible.What should Black report as its Allowance for Doubtful Accounts at 12\31\10?

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The Answer of Black Corporation had a 1\1\10 balance in the Allowance for Doubtful Accounts of $12,000.During 2010, it wrote off $8,640 of accounts and collected $2,520 on accounts previously written off.The balance in Accounts Receivable was $240,000 at 1\1 and $288,000 at 12\31.At 12\31\10, Black estimates that 5% of accounts receivable will prove to be uncollectible.What should Black report as its Allowance for Doubtful Accounts at 12\31\10?

Black Corporation Had a 1\1\10 Balance in the Allowance for Doubtful